Avnet, Inc. $AVT Shares Bought by Algert Global LLC

Key Points

• Algert Global LLC increased its ownership of Avnet, Inc. by 45.4% in the first quarter, acquiring an additional 33,600 shares to reach a total of 107,541 shares, valued at approximately $5,172,000.
• Institutional investors collectively own 95.78% of Avnet's stock, with notable recent investments from firms like GAMMA Investing LLC and Deutsche Bank AG.
• Avnet reported earnings of $0.81 EPS for the quarter, exceeding expectations, with a revenue increase to $5.62 billion and a forecast of 3.41 EPS for the current fiscal year.

Algert Global LLC lifted its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 45.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,541 shares of the company's stock after buying an additional 33,600 shares during the quarter. Algert Global LLC owned approximately 0.13% of Avnet worth $5,172,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Legacy Advisors LLC bought a new stake in Avnet during the first quarter valued at about $26,000. GeoWealth Management LLC purchased a new position in shares of Avnet in the fourth quarter worth about $31,000. Natixis raised its stake in shares of Avnet by 1,463.8% in the fourth quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares during the last quarter. TD Private Client Wealth LLC raised its stake in shares of Avnet by 43.0% in the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company's stock worth $39,000 after purchasing an additional 246 shares during the last quarter. Finally, Curat Global LLC purchased a new position in Avnet during the first quarter valued at approximately $42,000. Institutional investors own 95.78% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on AVT shares. Truist Financial lifted their price target on Avnet from $50.00 to $54.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Bank of America lifted their price target on Avnet from $48.00 to $50.00 and gave the company an "underperform" rating in a research report on Monday, August 11th. Finally, Wells Fargo & Company reduced their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Sell" and a consensus price target of $49.00.

Avnet Price Performance

Shares of AVT traded up $2.84 during trading hours on Friday, hitting $55.66. 912,819 shares of the stock were exchanged, compared to its average volume of 822,815. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24. The company has a market cap of $4.65 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 0.38 and a beta of 1.06. The stock's 50-day moving average price is $53.55 and its two-hundred day moving average price is $50.74.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm had revenue of $5.62 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the previous year, the business earned $1.22 earnings per share. The firm's revenue for the quarter was up 1.0% on a year-over-year basis. Research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.5%. This is an increase from Avnet's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, September 17th. Avnet's dividend payout ratio is presently 48.35%.

Avnet Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.